BackFyle raises $4.2 million in fresh funding from Tiger Global, others
The Fyle funding round also saw participation from existing investors Pravega Ventures, Beenext, and FreshworksFyle will use the funding to expand its sales and marketing teams, especially its US operations, and also invest in R&D, says CEO
PremiumBengaluru: Bengaluru-based Fyle, which provides expense management software for enterprises, has raised $ 4.2 million in a Series A round led by Tiger Global, the SaaS startups said in a statement on Friday. The funding round also saw participation from existing investors Pravega Ventures, Beenext, and Freshworks. With this round, Fyle has raised a total of $5.7 million.
Fyle will use the fresh funding to expand its sales and marketing teams, especially its US operations, and also invest in research and development, according to Yashwanth Madhusudhan, chief executive of Fyle.
Fyle, founded in 2016, allows employees to track and manage their travel, insurance, local conveyance, medical expenses, and other company-related expenses. It is also integrated with Microsoft Outlook and Google’s GSuite, which help employees file expense return forms with a single click, without any manual data entry.
The Fyle software also employs automated algorithms to verify the submitted data with company policies in real-time and prompts the user to provide the rationale for the expense.
The product is priced at both monthly and annual basis, costing up to $415 per month, with a cap of 100 users. After the 100-user limit, Fyle charges around $7 for every new user addition.
Fyle’s enterprise clients include names such as Edelweiss Tokio Insurance company, Freshworks, NinjaVan and others. Overall, it claims to have more than 100,000 customers using its software from over 200 businesses.
“We interviewed several Fyle customers who strongly believe their business processes have become more efficient and have seen positive changes in employee satisfaction and productivity. The company has grown rapidly and has many global customers who love the product," according to Scott Shleifer, partner, Tiger Global Management.
The company was founded by Madhusudan and Sivaramakrishnan Narayanan. It is headquartered in India and also operates a US subsidiary.
Fyle is one of the several B2B startups in India to attract investor attention. Apart from SaaS products, segments such as robotics, logistics, trucking and others have attracted several notable deals in the last one year.
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